A retention period (associated with a retention schedule or retention program) is an aspect of records and information management (RIM) and the records life cycle that identifies the duration of time for which the information should be maintained or "retained," irrespective of format (paper, electronic, or other). Retention periods vary with different types of information, based on content and a variety of other factors, including internal organizational need, regulatory requirements for inspection or audit, legal statutes of limitation, involvement in litigation, and taxation and financial reporting needs, as well as other factors as defined by local, regional, state, national, and/or international governing entities.